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SEON | Thanks for the replies.
Subzoot:
PNW....Pacific Northwest? You mean the producer is getting the futures price + 1.20? Who is taking delivery for that price?
SC:
I'm not really trying to cut out the port and load the boat directly. I'm only trying to cut out my local elevator that ----as near as I can tell --- books contracts and stores it locally and trucks it to the port. I spoke to the port and they said they are a storage and elevation facility. The guy at the port says I need to talk to the processors.......someone like ADM for example.
I have a contract with my local elevator to deliver him wheat at a price set by CBOT (less his basis of $1.45). Then my elevator has a contract with someone (whom is the big question) and he delivers my wheat to the port. I suspect his contract is FOB the port but I don't know to whom he is selling. If I knew to whom he was selling....and what their basis was, then I would know how much of that $-1.45 my local elevator is keeping.
Clear as mud?
Edited by rank 9/21/2010 19:16
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who buys the wheat?
